Trump walks away from New York hotel

28 Nov 2017 by Robert Curley

The Trump Organization is ending its contract to operate the Trump SoHo hotel in lower Manhattan, the second time since Donald Trump took office that one of his eponymous properties has had to abandon the company name.

The New York Times reports that Trump, which opened the SoHo hotel in 2010, has struggled to fill guest rooms and sell condos at the five-star, 36-story mixed-use development.

Even before the November 2016 election, the hotel had faced strong local opposition and scrutiny due to the involvement by a shady Russian financier. Trump also faced accusations that the company made up sales figures in order to inflate the value of the condominiums at the property.

The impact of politics on the hotel was reflected by the closure of its main restaurant in April 2017, which the owners ascribed to declining business “since the election.”

Under the reported deal, the owners of the property will pay the Trump Organization to terminate the management contract early so the property can be rebranded, presumably minus the Trump name.